V & D rescue 25 million rent reduction, but smaller stores – Parool.nl

V & D rescue 25 million rent reduction, but smaller stores – Parool.nl

09-02-15 12:55 pm – Source: Het Parool

© anp

Update

The landlords of V & amp;! D department stores go 25 million euro rental drop off. In exchange is V & D contract in each of its 63 branches. This is the result of the final agreement between V & D and the landlords of its 63 stores. The wait is still on the fiat of V &. D-owner Sun

Both the board of V & D and almost all landlords have agreed with the proposal that bargaining is reached after nearly three days. Germany’s Allianz, the Rotterdam branch possession, waiting for an agreement with the shareholders of the real estate in which the property is housed

The preparation of V &. D parent company Sun shows the major stumbling block. The landlords thought that V & D also negotiated on behalf of the owner, but must after concluding the agreement is still awaiting approval from the US. For now keep landlords IEF Capital (twelve branches) Prowinko (two) their lawsuits against V &. D still in the air

Sun also wants to go no further than an additional investment in V & D of thirty million . However, it is willing to provide a loan to the subsidiary for another thirty million, including interest must be repaid. The total equates to just 950,000 euros per establishment.

Succesdocher La Place
The rent reduction of 25 million euros, roughly the same amount as V & D initially demanded. But only yesterday stopped the warehouse his opposition to the requirement of the landlords to cut back sharply per branch in return success or daughter La Place expand. Also, the requirement of V & D to pay in future rents based on sales turnover of the table.

V & D is now willing to negotiate the next six months per site for returning square meters than the landlords can be filled with new stores. There will be an independent arbitration that will do in conflicts between department store and landlord representations.

Also, property owners share in the proceeds of subletting by V & D. The department store hires tens of thousands of square meters at its sites by, for a price that is much higher than what is paid to the lessors of the premises.

The landlords have access to the financial results of ‘their’ offices, but will not interfere directly with the business.

Loonbod
V & D also has to come to an agreement with the staff. The unions yesterday proved willing to sacrifice pay 2 percent, in exchange for job security, but there is V & D is not discussed according to them. FNV and CNV Trade Enterprises Association put their summary proceedings next Monday now unabridged.

The company will also suppliers must spawn. The company pays this month some of the vendors do not, or only partially. Some, such as Dixons, have been partly suspended their deliveries. Others, such as pasta supplier Euro Pizza Products, say to be paid in full

(By: Herman Silent).